150 workers lose jobs after Atlas Mara buys off Finance Bank

About 150 workers at BancABC and Finance Bank have been laid off after Atlas Mara bought off Finance Bank.

On Friday, Atlas Mara and the Zambia Union of Finance and Allied Workers signed a redundancy agreement for workers at African Banking Corporation (BancABC) and Finance Bank which is part of Atlas Mara.

Atlas Mara Limited, the owners of BankABC last year acquired a controlling stake in Finance Bank Zambia and merged the two institutions.

Under new management, the institution immediately set itself on re-organisation process of which downsizing on the workforce was part.

About 150 workers comprising management and unionized have been affected by the development though ZUFIAW is still actively engaging management to reduce the number of unionized staff who have lost employment.

ZUFIAW General Secretary Chingati Msiska said the job losses were inevitable.

Mr Msiska urged the retrenched workers to. Invest their money in projects which add value to their lives so that they live longer and participate in national development.

Mr. Msiska stressed that as a workers representative organisation, ZUFIAW was expected to protect the interests of “our members by negotiating an exit package which helps to sustain their livelihoods”.

“We therefore wish to accept this redundancy package after extensive consultations with our members throughout the country who advised that we abandon the dispute and proceed to implement this agreement” he said.

And Acting Managing Director of Finance Bank/BancABC-Part of Atlas Mara, Mr. James Konie expressed his happiness at the conclusion of the negotiations. He explained that the decision of the bank to declare redundancies was not a deliberate act but an “inevitable’ consequence when two institutions came together.

@Mushota in business it’s called mergers and acquisitions! You dont even need a PhD to know that! However, in countries such as Germany, the workers also sit on the board of directors so as a result such decisions are well compensated. Anyway, because I (unlike Mushota) am an employer, I sympathise with the 150 workers.